Rabat - Banque Centrale Populaire (BCP) plans to acquire banks in Kenya, Rwanda, Ghana, and Tanzania.
Rabat – Banque Centrale Populaire (BCP) plans to acquire banks in Kenya, Rwanda, Ghana, and Tanzania.
After acquiring Mauritius’ Banque Des Mascareignes on October 16, BCP has branches in 14 African markets.
The Moroccan bank wants to increase Africa’s share of its total income to 30 percent in two years, from its 18 percent share last year, said the co-CEO of BCP, Kamal al-Miqdad, in an interview Wednesday in Mauritius.
“We’re looking for opportunities in Kenya, Rwanda, Ghana and Tanzania in the medium-term,” said Mokdad. He added, “We are on the right track to reach 30 percent of income from Africa by 2020.”
BCP said that it will use Mauritius, an Indian Ocean island nation, as a hub linking Asia to Africa to seek more investment from countries like China and India in Africa.
Other Moroccan lenders, like BMCE and Attijariwafa Bank, have expanded in sub-Saharan countries in the past decade.
BCP holds overseas offices in Germany, England, Spain, France, Gibraltar, the Netherlands, Belgium, and Canada.